Oil prices jump almost 4%, reversing early losses

European stock markets rebound at open; London up 3%

On Friday, Oil prices jumped almost four per cent in Asian afternoon trade reversing earlier losses sparked by the Saudi-Russia price war and fears about the economic impact of the COVID-19 pandemic, just as European stock markets rebounded on a positive moves at the start of trading, early in the day.

West Texas Intermediate was up 3.9 per cent at nearly USD 33 a barrel, while Brent crude rose 3.7 per cent to more than USD 34 a barrel, after the US military launched air strikes in crude-rich Iraq. Both contracts had fallen more than two percent in early trade.

European stock markets rebounded at the start of trading Friday, but failed to overturn the previous day's plunge seen on heightened recession fears triggered by the coronavirus pandemic.

Shortly after the open, London was up 3.4 per cent, Frankfurt rose 2.1 per cent, Paris gained 2.4 per cent and Milan rallied 4.5 per cent.

Paris suffered its worst one-day lost ever Thursday and London and Frankfurt had their blackest days since the late 1980s with losses of around 10-12 per cent.

AFP